Article
Complete your 1099 vendor life cycle
Dec. 9, 2022 · Authored by Edward Pratt, Jr., COO of Tax1099, powered by Zenwork
Many companies use multiple software applications to complete the key stages of the vendor life cycle from onboarding to verification, accounting and reporting. While digital applications and SaaS platforms have fulfilled the need for faster verification, businesses that find a better way to pull everything together save time.
Finance automation within the cloud can allow businesses the opportunity to see all their financial data in real-time, across multiple applications. Read more to learn how the Baker Tilly’s proprietary 1099 Automation & e-Filing product along with Tax1099 tax filing and regulatory reporting completes the chain of the vendor life cycle.
Manage your vendors during the onboarding process
With Baker Tilly's 1099 Automation & e-Filing product, the following processes in managing vendor data becomes as simple as following a few clicks:
- Vendor sync: Users can update vendors within Tax1099 and sync the updates back to Sage Intacct.
- W-9 sync: Users can pull signed PDFs of vendors’ W-9 forms from Tax1099 directly into Sage Intacct.
- Vendor W-9 review: This integration capability is used to send W-9 requests to vendors. It contains sections to edit vendor information, such as vendor name and the email address where the request was sent. You can also view the PDF attachment from the request and the date of receipt. These details can also be accessed from the vendor profile in Sage Intacct.
- Vendor 1099 review: This streamlines vendor data and accurately maps their payments from Sage Intacct for import to Tax1099. You can also find a list of all vendors that have had any payments for a specified tax year and make changes in the platform to vendor names, tax IDs, addresses and more.
Vendor verification during the vendor life cycle
Vendor verification often involves using multiple applications and SaaS platforms. Baker Tilly’s 1099 Automation & e-Filing product utilizes Tax1099’s incredible Real-Time TIN (Taxpayer Identification Number) matching to verify vendors. Similar to Tax1099’s UI, TIN Validation takes tax IDs from Sage Intacct, imports them to Tax1099 from the integration to perform TIN checks sourced directly from the IRS database. Once these checks are performed, you can access the verification information from the 1099 Automation & e-Filing product using vendor 1099 review.
